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Planning your household budget

This worksheet is designed to help you identify the costs involved in buying and maintaining a home. It will also help you determine how your expenses might change once you move in.

Some costs involved in buying a home, such as closing costs, happen only once. Other costs like mortgage payments and repairs are ongoing expenses of owning and maintaining a home. Take all of these costs into consideration and include them in your household budget.

How to use this worksheet

First, scan all the categories listed in the worksheet. Add any other expenses that you can think of in the rows titled “Other expenses.” When you have an idea of the price of home you are considering, enter the estimated expenses for each category. If you're unsure about how much a certain category of expense is likely to cost, ask friends, family or a mortgage professional for guidelines on costs in your area.

One-time expenses

Fill out the section titled “Estimated one-time expenses.”

Add up the total the one-time expenses

Subtract the amount that you have already saved to buy your home

Divide that result by the number of months you have to save the remaining money. For example, if you are buying your home in six months, divide the result by six to figure out approximately how much you need to save each month to cover these expenses

Include this monthly amount in your budget for the number of months you identified

Ongoing expenses

Fill out the section titled “Estimated monthly expenses.”

Identify any annual expenses that may only occur once a year, divide them by 12 to get monthly estimates

Mortgage loan (default) insurance
(if required and not included in mortgage payments)

Optional—mortgage life/disability insurance
(if not included in mortgage payments)

Home/property insurance

Utilities:

- Heat/electricity

- Water/sewer

Telephone/Internet

Cable/satellite

Property taxes
(if not included in mortgage payments)

School taxes
(if paid separately from your property taxes)

Condominium fees
(if applicable)

Cleaning supplies/service

Repairs/maintenance (e.g., roof repairs, painting and plumbing)
As a general guide, budget one to three percent annually of the
value of the home, then divide by 12, annually for repairs and maintenance.

Other day-to-day expenses: ________________________

TOTAL monthly ongoing expenses
(use this total and enter it into your monthly budget)

Worksheet: Occasional expenses

Occasional expenses
(divide by 12 for a monthly number)

Estimated
occasional expenses

Landscaping/lawn service

Snow removal service

Additional furniture and appliances

Other occasional expenses: ________________________

TOTAL monthly ongoing expenses
(use this total and enter it into your monthly budget)